The final leases triggered the planned start in March of Lakeside One, a twin to Lakeside Two. Both buildings were spec-built projects. It took less than a year for the locally based developer to fill the estimated $17-million, class A office building.

"We continue to see a strong level of interest for class A office space at Flagler Center and are responding with the [planned] delivery of new space in early 2007," says Flagler senior vice president Keith A. Tickell. "Additionally, we are master planning Lakeside Three and Lakeside Five to maintain the momentum."

Lakeside Two's new tenants are Centex Homes which is taking 45,114 sf; FCC Equipment Leasing Inc., a subsidiary of Caterpillar Inc., 18,193 sf; and Countrywide Home Loans, 14,130 sf. Flagler officials declined to disclose terms of the new leases. The largest tenant is General Motors Acceptance Corp. which is occupying 29,624 sf on the second floor of Lakeside Two, as GlobeSt.com previously reported.

Area brokers familiar with the submarket tell GlobeSt.com the average asking gross rent range in the sector is $18 to $22 per sf. Sources familiar with the Flagler product tell GlobeSt.com the three leases are probably for five years at an estimated effective rent of $20 per sf. That would place the estimated aggregate value of the deals at $8 million, area office brokers tell GlobeSt.com.

In a separate unrelated office leasing transaction, Medical Management Resources of Jacksonville, a subsidiary of Knoxville, TN-based TeamHealth, leased 13,000 sf for an estimated five years at North Regency, 9485 Regency Square Blvd.